Duty owed to the promisor Study guides, Revision notes & Summaries

APPRAISAL EXAM 1 Basic Principles Q&A Correctly Solved 100% When are appraisers needed? *** to set asking/offering prices, settle estates, refinance, divorce, taxes, rental rates, valuation, condemnation & foreclosure Appraiser *** One who is expected to perform valuation services competently & in a manner that is independent, impartial & objective. Attributes of an Appraiser *** competent, independent, impartial, objective, prompt, organized, educated, honest & diligent Appraiser...

MIE 305 Final Exam Contract - ANS a promise or set of promises supported by the exchange of bargained-for consideration for the breach of which the law gives a remedy, or the performance of which the law recognizes as an enforceable duty. "a promise or set of promises that are enforceable in court." primarily state based common law contract elements - ANS -Agreement: the parties agree to the exchange of legal detriment as to each other -Bargained-for consideration: exc...

CPCU 530 Test Questions with Correct Answers Bailor - Answer-The owner of the personal property in a bailment. Implied-in-law contract - Answer-An obligation that is not an actual contract but that is imposed by law because of the parties' conduct or some special relationship between them or because one of them would otherwise be unjustly enriched Implied-in-fact contract - Answer-A contract that is not express but that the parties presumably intended, either by tacit understanding or ...

Elements of a contract - correct answer 1) Offer and acceptance (agreement) 2) Consideration (something of value) 3) Capacity (ability to enter into agreement) 4) Legal (legal under law) Formal Contract - correct answer Contracts that require a special form or method of creation to be enforceable (checks, drafts, promissory notes, etc) Informal Contract (simple contracts) - correct answer No special form required. (trades.. Craigslist - i'll give you subwoofer for drums. bartering) ...

Final Exam (BCOR 2301) Already Passed Consideration The value given in return for a promise or performance in a contractual agreement. 1. Something of LEGALLY SUFFICIENT VALUE must be given in exchange for the promise. 2. There must be a BARGAINED-FOR-EXCHANGE. Legal Sufficient Value Something of value in the eyes of the law; may be: - Promise [to do something] e.g. pay supplier upon receiving goods - Performance [of an action otherwise not obligated to] e.g. providing acct. services - For...

MIE 305 Final Exam What are the "bundle of rights" associated with property ownership? - ANS 1) Control; 2) Possession; 3) Enjoyment; 4) Exclusion; 5) Disposition Possession - ANS The property is legally owned by whoever owns the title. Control - ANS The titled owner (freeholder) controls the use of the property. Enjoyment - ANS Rights-holder can enjoy the property in any legal or contractually agreed manner. Exclusion - ANS Ow...

abatement of judgment - ANSWER-A document containing a condensation of the essential provisions of a court judgment. abatement of nuisance - ANSWER-The act of ending or terminating a nuisance; a type of legal action brought to end a nuisance. Ability/Capacity to Pay - ANSWER-The position of a borrower relative to repaying a loan, based on income and other assets. Absolute Fee-Simple Title - ANSWER-Title that is absolute and unqualified. It is the best title one can have. abstract of ...

Notes which I took whilst sitting in my lecture of Contract law, taking down cases and key concepts which i understood of the seminar. I hope these notes can help you as they helped me :) Good Luck with your revision !